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20130110
20130110
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Search Results 0 to 31 of about 32 (some duplicates have been removed)
the debt ceiling gets raised. then coin would go back to treasury and get melted down and would actually be no new money in the system. in the abstract stuff like this makes sense. as a way to get past the debt ceiling. in terms of how we actually govern ourselves and future and reaction in the markets, it is just not a viable solution. the only solution is for congress to raise the debt ceiling and pay for stuff that already said it would pay for. >> more importantly, who will be on the -- on the coin? that's what we -- >> i think tony should be. >> someone suggested maybe make it $1000 billion coins. whoever racked up the 10 highest debts of any president or something like that. >> can we put rg3 on there? >> or maybe dr. james andrews. ben white from politico. tony, veteran of the bush years. thank you very much. >>> up next, clintons versus the tea party. we have new poll numbers in the virginia of good's race. plus, afghan president karzai heads to the pentagon within the hour, we will tell you what he didn't say on capitol hill. who was the last former presidential no, ma'am me to
will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it, but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors wo
with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which bills the feds will pay. >> even if it were clear that the treasury secretary could do that, pick and choose, the ability, the real ability to reprogram all of the software in treasury's computers which connect to all of the computer software in the various agencies is not something that can be done in ten minutes or ten days or ten weeks. so you have the right to do it but you don't have the ability to do it. >> reporter: the treasury uses a separate computer system to make interest payments on the federal debt so it is possible investors would get what they are
, but the real fight is not over the debt ceiling, the real fight is over deficit reduction and the debt ceiling is not a lever that will ultimately be pulled. being treasury secretary over the next couple of years is not going to be an easy job, tom. >> tom: what do we know about lew's background, darren, that could inform us how he may treat the negotiations over the debt ceiling? >> he has been described to me as a pragmatic progressive. he has been around for 25 years in washington, and he has been involved in almost all of the major budget battles. so he is widely respected. he really knows his stuff, and he is seen as a calm but fierce negotiator. >> tom: did he play any role back in august of 2011, the last time we had this debt ceiling de back debac. >> absolutely. there were some republicans who felt that lew got the best of them. he came up with the whole scenario of sequester, which at the time was thought as equal playing. but at the time it came into play, it was seen as more beneficial to democrats. >> tom: does that spell out some already ultra hard bargaining, i suppose, on the p
of 30-year treasury yields on the federal debt ceiling. when would you expect these markets to start reacting? >> five years ago. >> and see a spike? >> five years ago. >> so it can happen any day. >> yeah. >> is there a catalyst that you look at that says, okay, the market will figure out that we can't afford any of this and can't pay our bills? >> the currency faith-based, the debt creole preposterous and the language is -- it is bent, and it does numb us as a body politic to the truth, so it seems to me that the bond market begins to encounter problems when people begin to focus on the meek of the word trillion. when they focus on the meaning of the reserve currency franchise that has that allows us to pay our bills and the dollars we materialize on a computer screen, when people continue our finances in down to earth, real sensitive ways -- >> yeah. >> i think they will be dema demanding fewer treasuries. >> expecting a big fight in the coming weeks? >> the big debt that we have a good political prout brawl with the monetary problem. there ought to be a fight. >> we'll be watchin
the debt ceiling problem. >> peter: one way to solve the debt ceiling problem is for the treasury to create a coin and deem it worth $1 trillion. it is the mint a coin campaign and use that to pay down our deficit. the white house yesterday was asked about it. they didn't rule it out. what's your take on that, congressman? is that something that we could possibly look at and even go down that path? >> i think we should look at it -- i think we should look at it very, very carefully. it is almost too good to be true, to be frank. we can solve this problem. this debt problem. and we can make sure that we do this in a very balanced way. the key to all of this is bring in again, vice president biden. i thought did he a great job. explaining the negotiations. i think he -- we were very impressed with his negotiating skills. i think the president needs to do more in that role. the circumstances at the time, to cause the parties to do this thing right so that there is a balanced approach. we've got to get more revenue. we've got to be careful that we're not taking from people that already have not
, he is going to have to negotiate on the debt ceiling. gerri: many ways to skin a cat. come back. thank you quick trip to be with you. gerri: also today, as expected, president obama introducing treasury secretary nominee white house chief of staff jack lew. taking of the treasury as the white house prepares for the major fight with republicans over the debt ceiling. the rumors began swirling that he would get the nomination. we here at "the willis report" took a look at who jack lew is and where he came from. his biography, as we mentioned, was chock full of political experiences from his time on capitol hill to his work with the clinton and obama administrations. what we did not point out was his brief stint at citigroup. not something he often talks about. from 2006-2009 he ran the alternative investment arm. that division made its profits from shorting the housing market , betting against homeowners like me and you. while he was citigroup they took in 45 billion from taxpayers under t.a.r.p. two weeks before he left to join the obama administration he took, bonus. before citi
. president obama taps a new warrior for the debt ceiling fight. he chooses jacob lew to be the 76th u.s. secretary of the treasury. >> tom: i'm tom hudson. uncle sam wants to make sure you can afford that home loan before you buy. new rules to protect consumers from bad mortgage lenders are on their way. >> susie: and, we look at whether new year's resolutions, to lose weight, can pump up your portfolio. >> tom: that and more tonight on "n.b.r."! >> susie: president obama named today a "low key" washington hand as his new secretary of the treasury. jacob lew is being called a man who combines tough bargaining with deep economic understanding and a commitment to protecting the safety net for the poor and the elderly. some republicans have promised to oppose lew's nomination, but most say they are reserving judgment. darren gersh has more on this pivotal player. >> reporter: the president introduced his pick for treasury secretary as a man who gets tough jobs done. and one of those jobs will be protecting programs the president supports. >> as the son of a polish immigrant, as a man of
jack lew is expected to be nominated as secretary of treasury replacing timothy geithn geithner. underscoring a focus within the white house on the fiscal battles to come. including a showdown on the debt ceiling. look at his signature. here's what it would look like on its dollar bill. it makes my chicken scratch look good. >>> hilda solis announced that she's resigning. eric holder is staying on at least for now. also remaining on the job secretary of health and human services kathleen sebelius. ray lahood the only republican in the cabinet hasn't signaled whether or not he's leaving this administration. >>> hill kri clinton will be stepping down from her post in the coming weeks. we're not going to call it retirement? >> retirement? >> i don't know if that's the word i would use. certainly stepping off the very fast track for a little while. >> the obama administration pushing back after a picture taken in the oval office, this image by the photographer was featured on the front page yesterday of the "new york times." a group of men meeting with president. with top positions
is a picture for treasury and what you need to know about the debt ceiling and california teachers say no to guns. first president obama is just nominated jacob jack lew to be the next treasury secretary. lew has been the chief of staff and described as a consummate washington insider. he has done two stints at the office of management and budget. an old cog eel of his told me yet experience makes him the perfect choice for the job right now. >> it is described as the central nervous system and everything of consequence goes through it. it coordinates the branch for the president like the chief operating officer role. in that, jack has been exposed to every type of policy and issue and regulation. it's a huge gambit of issues and terrain that he is an expert on the depth he can bring on a number of issues, especially economic policy. >> that makes lew more than qualified to negotiate the debt debates and republicans in congress. wall street doesn't like him so much. who cares what wall street thinks. to many that makes him more palatable. the president made the right choice with tim ge
by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidun
showing little progress on next month's debt ceiling deadline, a far-fetched solution is getting more mainstream. we're talking about the $1 trillion coin. supporters including some lawmakers and nobel laureate paul krugman say the treasury department has the power to mint the supercoin which in turn would be used to raise the debt ceiling. and white house press secretary jay carney added some fuel to the fire when he refused to rule it out. >> do you believe you have a power to mint -- >> there is no plan "b." there is no backup plan. there is congress' responsibility to pay the bills of the united states. >> that's a little evasive in your answer. but i say -- are you narrowing the lead -- are you trying to leave room or not? >> there's no substitute for congress extending the borrowing authority of the united states. >> do you believe this is an option, and viable? >> i think there's the only option there. there is no backup plan. the only option is for congress to do its job. >> let's bring in nbc analyst and former communications editor karen finney. and also chip saltzman. good
bargainer and was involved in the debt ceiling with congress back in 2011 and, of course, the recent fiscal cliff talks. republicans aren't excited about the pick but it's unlikely they'll be blocking that nomination. keith, back to you. >> all right. thanks hampton. >> you got it. >>> we introduced you to a wonderful young man who was really hoping a family would come forward to adopt him after his appearance on "wednesday's child" last spring. we think the right family didn't happen to be watching so we want you to have an opportunity to meet ronald again. there was a chef's coat and an apron and finally, the making ronald ready for his first real lesson in cooking. >> you ever worked with pan he ta before? >> this chef of the art institute of washington's culinary school was giving ronald, an aspiring chef, a lesson in making pasta carbonera. his social worker says being a chef is one of the dreams that he has for the future. but she says he'd really like a future that would include an adoptive family. >> he's a sweet kid. the thing that's so amazing about him is he really wants to do we
it probably extends at least to the weekend press cycle when the debt ceiling debate will most likely reemerge, but i think the fundamentals for tomorrow are strong. you'll see some carry forth in commodities and equities. treasury supply is right out of the way, so treasuries might bounce a little bit ahead of the fed buyback program next week. but earnings so far have come out pretty solid. expectations are ratherrer modest given the fiscal cliff from last quarter and earlier this month. so really i think we'll probably trade a little higher tomorrow, but you could see some profit taking the last hour or so. ashley: all right. john brady, rj o'brien managing director. thank you so much from the cme. let's bring in our market panel now, david fleischer and jack ablin. john just said, look, so far earnings have been, well, solid, but let's face it, the bar is pretty low, so i don't know how much you can read into that. you are moderately bullish. so what is your expectation for the first quarter and the rest of the year? >> well, i'd say overall for the year we are cautiously optimistic. we th
and early march, the treasury says that they will be running out of options to avoid reaching the debt ceiling. if congress does nothing to increase the debt ceiling by then, we could be looking at a government default. even if it is not a default on our debt and the treasury says they will prioritize interest on payments, we're still looking at at a default under government obligation. that means the treasury and the government would have the ability to go out and spend money and the treasure would not have the checks to pay. that could include dod civilian, uniform civilians, on tractors -- contractors. they would expect a check and it would not show up. that would be true for the non- defense parts of the budget as well. doctors expecting a reimbursement. that is if we go into a default situation. that is a major threat to our economy. i argue that it is a threat to our national defense. every major war the united states has fought has been financed in part through borrowing. by going into a default and not being able to pay our obligations for the first time in history, we will put
to be running out of options to avoid breaching the debt ceiling. so we could be, if congress does nothing to increase the debt ceiling by then, we could be looking at a government default. not -- even if it's not a government default on our debt. even if the treasury says we're going to prioritize principal payments, we are still looking at a default on our government obligations. that means that the treasury, the government and the department of defense included, would have the ability to go out and spend money. the treasury would not be able to write the checks to pay the obligations that those agencies have made. so that could include, you know, dod civilian, uniform military, contractors. they would be expecting a check in the mail or deposited in their account, and it just wouldn't show up. you know, that would be true for all the nondefense parts of the budget as well; social security recipients, medicare, doctors expecting reimbursement. the checks just wouldn't show up for about 40% of the dollars the government was supposed to pay out if we actually go into a default situation. o
train -- >> all aboard -- >> that is the debt ceiling debacle. or we can fall back on these themes i keep talking about. themes that give us a place to go within all the skirmishing that defines our marketplace day after day. we've gone over china, the banks, and housing. we've told you that the autos and insurance stocks should be bought on weakness and aerospace can work. stay focused when your favorite companies in these sectors. and tonight i've got two new ones, two themes that aren't going away. if anything, i think they're accelerating in 2013. the first, when you speak of big themes, you cannot ignore the revolution in energy in this country. >> buy, buy, buy! >> we have so much of it, particularly so much natural gas it will not be just 2013, 2012, but a multi-year game changer. while we're thrilled about north american energy independence, and by the way, the american technology behind them, don't forget that, we need to ask, how can this theme make us money? i mean, this is "mad money," not mad energy sufficiency. who are the principal winners from years of ultra cheap nat
by the senate. and the president has nominated his white house as the next treasury secretary. the formal announcement director for both president obama and president clinton. he was a key player in the 20-11 debt ceiling talks. he'd replace timothy geithner, who's moving back to new york to be with his family. >> jacqueline: we can see through the stormtracker 4 radar. we are starting to see some clearer conditions put richmond is also seeing some clear conditions a bit heavy through san francisco. heavier rainfall is pressing through pacific, and a light rain over san francisco. these showers are going to continue. 24 of it in that hayward. and the san jose the satellite & radar showing this cold front. right in the heart of the bay area with clear skies and also the spotty cloud pattern is showing instability. you will talk more about that and they're really cold temperatures coming up. >> pam: injuries and a kicker controversy among the questions addressed by 49ers head coach jim harbaugh this afternoon. kron four's rob fladeboe at 49er headquarters looking for answers and has the coa
including the old ones and the new ones. the first obviously coming up the debt ceiling and more. the things he has to figure out is he's got to negotiate a sequester deal and a debt ceiling deal with congress or figure out how to run the government without any debt. in other words, match cash flow to expenses. second item is long-term he's got to come up with entitlement fixes and a fix for the longer-run deficit. finally, tax reform, corporate and individual, potentially on the table. i think jack lew is probably pretty strong in this particular area. but the other aspect which was always there but has now risen significantly in importance is global finance. he is the stand-up man for the next meltdown. he's got to finish and keep negotiating dodd-frank and the basel iii accords with international regulators. that happens underneath the treasury secretary. and what about housing, fannie mae, freddie mac? another big topic on the table. and dodd-frank does not fix or finish the too big to fail issue. that remains on the table. then there's all the stuff we used to think about the treasury s
of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good. >> different generation. >> maybe a technocrat is what's necessary. no one tells me this guy is acrimonious. the talks may have been. but when we're trying to figure out what to cut, maybe you just need a guy who knows his way around the budget as opposed to a federal reserve guy. i thought tim geithner did a great job, though, and i know i find myself in the minority on that, but he came to the rescue of the system in apparel husband time and i think he good a remarkable job. >> jack lew is well respected by both sides of the aisle. and also portrayed as chief tormenter to the republicans. bob woodward in his book quoted john boehner saying jack lew said no 999,000 times out of a million and then he corrected himself 999,999 out of a
would you like to see as a stock investor? >> a treasury secretary who is more focused on building compromise. but think the lesson we learned in the debate last year when there was discussion about debt ceiling is that lew is one of these types of individuals who very politically savvy but that doesn't necessarily equate to being a statesman or looking out or if the best interest of the nation as well. it seemed as though when president obama was willing to compromise on certain things, lew was in the background perhaps whispering in his ear, don't compromise, go for more. dagen: we were just talking to our last guest from the "wall street journal" editorial page. talking about the president's goal, in the "wall street journal" today. do you buy that? is that the nation that the president wants to see in the next four years? >> well, i'm not sure if it's the nation that he wants to see in the next four years. maybe over the next 40 years. i'm not exactly sure what his vision for america is. but i think that's the path that we have gone is more towards an entitlement nation. i mean
the fiscal cliff, going head to head soon once again over the budget and debt ceiling who he wants in the corner nominating his white house chief of staff jack lew as the next treasury secretary. he srveed as budget director for both presidents obama and clinton. the president praised jack lew for being a low-key guy and hinted to congress he wants lew to get started as soon as possible. >> jack has my complete trust. i know i'm not alone in that. having lew on your team is equivalent of a coach of having the luxury of putting somebody at any position and do well. i could not agree more. so i hope the senate will confirm him as quickly as possible. >> the president may not necessarily get his wish for a quick confirmation. lew is publicly classed with republicans over the budget. the wall street journal editorial page referred to him as a yes man. ali velshi and i spoke with steven moore about why his newspaper is no fan of lew's. >> we were very critical of him in our editorial this morning, wolf, for a couple of reasons. look, we kind of were hoping that this would be kind of a n
's debt ceiling. that's going to be a huge debate. >> yeah. >> and lew if confirmed will have a major role in that. >> yeah. and i agree with gloria. i don't think there's going to be a big confirmation battle. you have to really not like the treasury secretary to not confirm him. here's the thing, compare it to four years ago when tim geithner came in. geithner had been in the room prior to becoming treasury secretary when he was head of the new york federal reserve. they made the decision to let lehman brothers fail. he walked into a banking and a central bank global financial crisis, and he was a guy who had no learning curve. same thing here. we don't have a banking crisis, we don't have a central banking and financial crisis. we've got a budget crisis in washington. jack lew is steeped in the budget. he takes over from tim geithner right in the middle of this debt ceiling debate which will be followed immediately by the sequestration, the broad spending cuts debate. and then the fact that the u.s. has not had a federal budget since 2009. the so-called continuing resolutions which mean
Search Results 0 to 31 of about 32 (some duplicates have been removed)

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